BNB Beast Mode: Circle's USYC Gobbles Up $2.68B in Just 5 Months

Circle's USYC has gone from zero to hero faster than a gas fee spike on a Saturday night. The tokenized Money Market Fund (TMMF) surged from $150 million to $2.68 billion in Assets Under Management within just five months, making it the largest fund of its kind. Not bad for a product built to help institutions earn yield while keeping funds easily accessible on-chain.

The secret sauce? BNB Chain now hosts about 95% of that AUM. November 2025 was the driving force behind this growth, creating a demand flywheel that no other tokenized T-bill has managed to match. Circle's 2025 annual report shows USYC's AUM grew by roughly $592 million between November 1 and December 23, 2025. In less than two months, the fund expanded from $948 million to $1.54 billion, becoming the world's second-largest TMMF.

The expansion to BNB Chain, plus USYC's addition to Solana, strengthened its game significantly. Estimated net yield? Up 3.18%.

Meanwhile, Binance stablecoin reserves hit $45.5 billion thanks to a $2.5 billion surge in March inflows. This is a massive trend reversal—from three months of outflows worth $7.6 billion to inflows. April is already tracking over $1 billion in net inflows.

Circle's USDC is also outpacing Tether's USDT in transaction volume since the start of 2026. Circle's stock was trading at $92.15 after a 2.09% hike.

All of this comes as Circle plans to move early on Post-Quantum Cryptography (PQC), showing security priorities are evolving across the market.